FREQUENTLY ASKED QUESTIONS

The following questions and answers have been prepared to provide potential investors with a brief summary of some of the features of the ETRs. The information given in such answers is subject to, and should be read in conjunction with, the Program Documents .

The issuer of the ETRs is the Royal Canadian Mint.

The Mint is for all purposes an agent of Her Majesty in right of Canada. Subject to the terms of the ETRs, the ETRs constitute direct unconditional obligations of the Mint and as such constitute direct unconditional obligations of Her Majesty in right of Canada. Accordingly, the Mint's obligations under the ETRs are backed by the full faith and credit of the Government of Canada. If the Mint fails to make available gold bullion or cash in connection with a redemption, or cash in connection with a termination of the Program, ETR Holders would be entitled to enforce their rights against the Government of Canada.

The obligations of the Mint are to securely store the gold bullion underlying the ETRs in its facilities in Ottawa, Ontario and, on redemption, to make available the applicable amount of gold bullion for physical delivery upon the request of an ETR Holder or to deliver the cash redemption amount. The gold bullion is stored by the Mint on an unallocated basis, such that the gold bullion owned by an ETR Holder is not held separately from the other gold bullion held at the Mint, including the gold bullion underlying other ETRs.

WHAT DOES EACH ETR REPRESENT?

Each ETR represents an equal undivided direct legal and beneficial interest in physical gold bullion to be held for the account of the ETR Holder in custody by the Mint. The Per ETR Entitlement to Gold will be fixed on the Issue Date and will be expressed as a fraction of one fine troy ounce of gold as of the Issue Date, reduced daily by the 0.35% per annum Service Fee charged by the Mint.

WHO OWNS THE GOLD BULLION UNDERLYING THE ETRS?

The gold bullion will be beneficially owned by the ETR Holders and not by the Mint. The net proceeds of the Offering will be applied to the purchase of gold bullion from third party suppliers on behalf of the initial purchasers of ETRs. Such gold bullion will to be delivered to the Mint's facilities on or before the closing date of the Offering. The Mint will act as custodian of the gold bullion on behalf of the ETR Holders and will hold the gold bullion in its facilities in Ottawa, Ontario. Beneficial ownership of the gold bullion will at all times remain with the ETR Holders. In the ordinary course of its business of gold refining and coin manufacturing, the Mint uses gold bullion held on an unallocated basis for third parties and expects to do the same with some or all of the gold bullion underlying the ETRs. The Mint will, at all times, maintain in its facilities gold bullion in an amount that is equal to or exceeds the amount owned in aggregate by ETR Holders.

WILL THE ETR HOLDERS RECEIVE CERTIFICATES REPRESENTING THE ETRS PURCHASED?

Except in certain limited circumstances, ETR Holders will not be entitled to receive certificates evidencing the ETRs in definitive form. Two or more definitive gold ETR certificates evidencing the ETRs will be issued on the Issue Date to CDS as the nominal holder of all outstanding ETRs.

WHEN CAN I REDEEM MY ETRS FOR GOLD BULLION OR CASH? ARE THERE ANY RESTRICTIONS ON REDEMPTION AND AM I RESPONSIBLE FOR ANY RELATED EXPENSES?

ETR Holders can elect to redeem ETRs for gold bullion or cash on a monthly basis by delivery of a notice to redeem. Notices to redeem are irrevocable. The 15th day of each month (or, if not a business day, the next succeeding business day) will be a Redemption Date. A notice to redeem ETRs must be received by the Transfer Agent by 5:00 p.m., Toronto time, on the fifth business day immediately preceding a Redemption Date. Any notice of redemption received after such time will be processed on the subsequent Redemption Date.

Redemption requests for physical gold bullion must be in respect of a minimum of 10,000 ETRs. There is no minimum number of ETRs required for a cash redemption.

An ETR Holder redeeming for physical gold bullion and selecting Physical Gold Bullion Delivery will be responsible for arranging pick-up and delivery via industry-recognized armoured carrier, as set out on the Program Website, at its own expense. For ETR Holders redeeming for physical gold bullion and selecting a Facilitated Sale, the Mint will deduct an amount of physical gold bullion equal to the Facilitated Sale Fee prior to conducting the Facilitated Sale, in addition to the Physical Redemption Fees payable upon fabrication of the physical gold bullion. The physical gold redemption proceeds will be paid net of a redemption fee which is currently C$100 per redemption request, and fabrication fees in amounts based on the type of gold bullion product requested.

DOES THE MINT CHARGE A SERVICE FEE FOR PROVIDING THE PROGRAM?

Yes. The Mint charges a Service Fee in respect of its management, storage and custodial services. The Service Fee are calculated and accrued daily at an annual rate of 0.35% of the Per ETR Entitlement to Gold on each day of all outstanding ETRs and paid monthly in arrears on the 15th day of each month (or if not a business day, on the next succeeding business day). Each month, the Mint will withdraw an amount of gold bullion equal to the Service Fee. Accordingly, the amount of gold bullion underlying each ETR will decrease over time as the Service Fee is accrued. The Service Fee may be varied by the Mint at any time, but only after giving ETR Holders 90 days' advance notice of any such change.

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